Quality Control Outsourcing Sample Clauses

Quality Control Outsourcing. ‌ Third-Party QC service providers are permitted for all or a portion of the QC process. When using such vendors, the PFI is responsible for developing and maintaining loan quality standards and developing a QC plan to achieve those standards. The PFI is accountable for its overall QC program and for ensuring the QC reviews comply with the MPF Program requirements, regardless of whether the work is performed by the PFI itself or by an outsourced QC service vendor. Use of QC vendor is not a substitute for the PFI establishing and maintaining its own QC plan. The PFI must ensure that the QC vendor conducts its reviews in accordance with the PFI’s QC plan. The QC vendor must have written policies and procedures detailing its review methodologies, including selections and identification of defects and trends, as well as the required reporting of any results. The vendor’s review staff must possess the qualifications and experience required to provide quality reviews and meaningful analysis, and that the vendor’s policies and procedures align with the PFI’s policies and procedures and meet the MPF Program’s guidelines. The PFI must fully incorporate the results of the vendor’s reviews into its QC reporting and remediation processes. The PFI must have procedures to associate the appropriate severity level to the identified defects, and to implement corrective actions within the PFI’s organization, the same as it would for defects identified by the PFI’s staff.